07 Feb 2024

Ambika Chauhan Aibara, of Parle Products fame, recently acquired two lavish sea-view apartments in Mahalaxmi, Mumbai. Valued at over Rs 47.3 crore, these expansive units, spanning a combined 6,180 sq ft on the 24th and 25th floors of Raheja Modern Vivarea, reflect her confidence in the city's property market. This landmark development, covering a staggering 1 million sq ft and priced at approximately Rs 90,000 per sq ft, promises a top-tier living experience. The development, situated on reclaimed textile mill land, caters to Mumbai's affluent circles, adjacent to the renowned Raheja Vivarea.Read more

07 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has raised objections to the Maharashtra government's proposal that 40% of all Transfer of Development Rights (TDR) used in construction projects in Mumbai must come from the Dharavi redevelopment project (DRP). The BMC expressed concerns about the feasibility of implementing the Development Plan (DP-2034) and potential challenges in acquiring reserved land if conditions on Dharavi TDR utilization are imposed. The BMC emphasized that the imposition of utilizing Dharavi TDR first could result in no takers for its TDR allocated for land acquired for roads and public amenities. Additionally, the BMC opposed the proposal to eliminate indexation for DRP TDR, urging the government to consider the unique circumstances and challenges associated with the Dharavi redevelopment project.Read more

07 Feb 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids for constructing a depot for Metro 9 in Dongri village, Bhayander, on a 59.7-hectare government-owned plot. Costing around INR 626 crore, the depot will take 52 months to complete with 40 stabling lines and will serve Metro 7A as well. Challenges in acquiring land led to relocating the depot from Morva, Raimurdhe, and Murdhe villages. Dongri's government-owned land eliminates acquisition costs but requires an additional expense of INR 250-300 crore to extend Metro 9 and add stations. Despite challenges, MMRDA is fast-tracking depot construction amid space constraints in the Mumbai Metropolitan Region.Read more

07 Feb 2024

The Mumbai Urban Transport Projects (MUTP) secures a substantial allocation of INR 1,600 crores for rail initiatives in the interim budget, part of the INR 15,500 crore for Maharashtra by Indian Railways. Executed by the Mumbai Rail Vikas Corporation, the funds cover projects in various phases, including new rail lines and station upgrades. Additionally, Western and Central Railways receive significant allocations for speed enhancement, bridge restructuring, and customer amenities. The National High Speed Rail Corporation is granted INR 25,000 crore for India's first Mumbai-Ahmedabad bullet train corridor, demonstrating a commitment to advancing rail infrastructure in the region.Read more

06 Feb 2024

The Economic Offences Wing (EOW) of Mumbai has arrested prominent builder Lalit Tekchandani over allegations of cheating and forgery in connection with Supreme Constructions' Taloja project. The case involves accusations that Tekchandani and other directors accepted payments from homebuyers but failed to deliver on promises, leading to an FIR with charges of cheating and forgery. The FIR mentions an estimated cheating amount of INR 73 lakh. A lookout circular was issued, and the case was transferred to EOW for further investigation. Homebuyers, including Hera Jadhwani, disclosed promises unfulfilled since 2016, prompting authorities to uncover the extent of the alleged fraud.Read more

06 Feb 2024

In the ongoing insolvency proceedings with the NCLT, J Kumar Infraprojects has submitted a proposal to acquire Pranav Construction for INR 45 crore. This move has been approved by the bankruptcy court. The acquisition involves taking over the real estate company, with J Kumar Infraprojects addressing admitted liabilities amounting to approximately INR 212 crore. This strategic step comes within the framework of the insolvency process, signalling a significant development in the financial restructuring and resolution of Pranav Construction's assets and liabilities. The National Company Law Tribunal's approval binds all stakeholders involved in the resolution plan.Read more

06 Feb 2024

The Indian arm of Barclays Bank has finalized a lease deal with K Raheja Corp for a sea-view office space in Mumbai's Worli area, encompassing 64,000 sq ft across two floors in the Altimus tower. The lease spans over 10 years, with an upfront deposit equivalent to six months' rent. The monthly rent, set at INR 320 per sq ft for the first year, will escalate by 4.5% annually. Barclays secured exclusive access to 51 parking slots. The lessor, Whispering Heights Real Estate, cannot terminate the lease, while Barclays has a two-year lock-in period. Mumbai's robust office property market witnessed increased demand, reflecting the country's economic strength.Read more

05 Feb 2024

Sunteck Realty Ltd unveils ambitious plans for upscale housing projects in Mumbai's exclusive Nepean Sea Road and Bandstand in Bandra West. Projected to generate around INR 3,000 crore, these ventures signify Sunteck's strategic expansion into prime Mumbai locations, showcasing its commitment to redefine the city's real estate landscape. With a debut in South Mumbai at Nepean Sea Road, Sunteck aims to deliver ultra-luxurious residential apartments, capitalizing on the market's demand for high-end living spaces. The move aligns with Sunteck's impressive growth trajectory, doubling its Gross Development Value from INR 12,500 crore in FY2022 to INR 30,100 crore in FY2024. The projects underscore Sunteck's proactive approach to market trends and evolving consumer preferences in Mumbai's thriving property market.Read more

05 Feb 2024

The Enforcement Directorate (ED) has secured a INR 362 crore plot in Mumbai's Bandra-Kurla Complex (BKC) to set up a dedicated office. The Mumbai Metropolitan Region Development Authority (MMRDA) will charge INR 3.4 lakh per sq m for the 10,500 sq m built-up area on the half-acre plot. Currently spread across three buildings in Ballard Estate and Worli, ED's offices face challenges in monitoring visitors due to shared spaces. The MMRDA approved the request for a dedicated office in May 2023, extending the payment deadline to April 2024. The agreement requires a 30% upfront payment by April 2024, with a leasing duration of 80 years.Read more

05 Feb 2024

Mumbai is set for a significant transformation as the Brihanmumbai Municipal Corporation (BMC) gears up to launch a huge infrastructure project, earmarking INR 7,000 crore to overhaul 400 km of Mumbai's roads. This ambitious initiative aims to transition approximately 40% of Mumbai's roads from asphalt to concrete roads. As the city braces for this massive undertaking, traffic patterns are expected to witness substantial disruptions.Read more

02 Feb 2024

CREDAI-MCHI's 31st property Expo, held at Jio World Convention Centre, showcased the resilience of India's real estate industry. President Dominic Romell and Ajmera Realty's Dhaval Ajmera expressed enthusiasm over the event's success. With a theme of "Zero is our Hero," offering a 6 percent discount through stamp duty and registration charge waivers, the Expo attracted over 24,000 homebuyers. Despite a recent interest rate hike, Romell noted stable demand. Ajmera highlighted the positive impact of government incentives and subsidies, citing the Expo's impressive INR 350 crores in sales. The event emphasized the robust demand for affordable housing and the pivotal role of government initiatives in shaping the real estate sector.Read more

02 Feb 2024

Shapoorji Pallonji Real Estate (SPRE) unveils 'The Odyssey,' an uber-luxury project off Marine Drive, marking their historic return to South Mumbai. Strategically located near Girgaon Chowpatty, it offers seamless connectivity to business hubs and essential amenities. Designed by Architect Hafeez Contractor, The Odyssey boasts breathtaking views, grand double-height lobby, and 20 parking floors. With close to 60 apartments for sale, revenues are expected to exceed INR . 1000 crores. Priced from INR 15 crores, the meticulously designed 3 BHK apartments redefine luxury living. SPRE's Director, Venkatesh Gopalakrishnan, emphasizes their commitment to crafting luxurious environments, setting new standards in South Mumbai's uber-luxury segment.Read more

01 Feb 2024

CREDAI-MCHI, the leading real estate industry body in the Mumbai Metropolitan Region (MMR), successfully organized the 31st edition of India's Largest Property Expo from January 26th to 28th, 2024. The prestigious event, held at the Jio World Convention Centre, attracted over 24,000 serious homebuyers and resulted in the sale of 185+ housing units, totalling INR 350 crores in transactions over three days. The Expo's theme, "Zero is our Hero," symbolized a 6 percent discount achieved by excluding stamp duty and registration charges. The Expo featured renowned builders, financial institutions, and offered a luxurious viewing experience with quick and easy registration. Entertainment and informative elements, including lucky draws, interactive AI, and government bodies' presence, enriched the overall experience for attendees.Read more

01 Feb 2024

Moraj Group, a leading player in Navi Mumbai real estate, has partnered with Xanadu Realty for a new venture in South Mumbai's sought-after Shivaji Park. Valued at over 300+ Cr., their luxury project offers lavish 3 BHKs boasting Arabian Sea views. Fusing their expertise, the collaboration aims to redefine luxury living, creating a masterpiece. Moraj Group's Founder and Chairman, Mohan Gurnani, expressed enthusiasm for the transformative collaboration, citing it as a commitment to futuristic architecture. Vikas Chaturvedi, CEO of Xanadu Realty, emphasized the dedication to unrivalled luxury living, creating a lasting legacy in Mumbai's evolving skyline. The joint venture promises an iconic chapter in Mumbai's real estate narrative, showcasing excellence and innovation.Read more

01 Feb 2024

Kolte-Patil Developers, a prominent Pune-based real estate player, expands its footprint in Mumbai with two society redevelopment projects in Dahisar and Versova. These strategic acquisitions, totalling 3.06 lakh square feet, project a top-line potential of around Rs 545 Crore. Aligning with growth objectives, this move strengthens Kolte-Patil's position in Mumbai, the country's largest real estate market. With a growing portfolio of fifteen projects in the Mumbai Metropolitan Region, including successful ventures like Vaayu in Dahisar, the company taps into the city's diverse real estate demands. In FY24, Kolte-Patil secured eight projects with a combined development potential of 3.3 million square feet, reinforcing its commitment to expansion and innovation in targeted markets.Read more

01 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has issued a fresh tender for a 5.6 km elevated road connecting the Eastern Freeway to Grant Road in Mumbai. The project, costing INR 1,100 crore, involves a change in design to a steel structure and features a cable-stayed bridge. The initial tender was cancelled due to technical issues raised by Central Railway and Mumbai Port Trust. The proposed flyover aims to reduce travel time between northern and southern Mumbai from 30-50 minutes to seven minutes, benefiting areas like Grant Road, Nana Chowk, and Tardeo. The project is expected to be completed in three-and-a-half years.Read more